Pune Offices 1H/2022

ECONOMIC OVERVIEW

2022 started with a sharp rise in COVID cases, after a slow and thick-tailed recovery from the second wave at the end of 2021. The very high rate of spread in January momentarily re-ignited concerns of largescale lockdowns and attendant economic stress, which had caused widespread devastation during much of 2021.  However, the Omicron variant proved to be much less stressful for public health and the economy. The daily case load reached its peak quickly but fell steadily from 337,704 on 22 January 2022 to 999 cases (lowest of last 715 days) on 4 April 2022. However, the daily case load rose again to 2,827 on 11 May 2022.

INDIA COMMERCIAL OFFICE MARKET OVERVIEWFFICE MARKET OVERVIEW

The cautious approach by occupiers and develope rs in the first half of 2021 was an accurate reflection of the large-scale devastation caused by the massive second wave of COVID, as leasing and building completions slowed significantly. However, an equally strong response through accelerated vaccinations, thereafter, coupled with the tailing-off of the second wave, led to a noticeable improvement in business sentiment. Occupiers began to resume their real estate decisions in the second half of 2021 and that continued into 2022. This has favoured the Pune market this year.